Cryptocurrency Stocks Dive Premarket: Marathon Digital Plunges 14%
CryptoNewsTerminal Staff05 Aug, 2024
Cryptocurrency Stocks Dive Premarket: Marathon Digital Plunges 14%
Cryptocurrency-Related Stocks Fall Sharply in Premarket Trading Amidst risk aversion in the global market, several US-listed cryptocurrency mining stocks experienced significant declines premarket on Monday. Marathon Digital (MARA) and Iris Energy (IREN) both witnessed a 14% drop, while Hut 8 (HUT) and Riot Platforms (RIOT) fell by 12% and 11% respectively. Coinbase (COIN), the leading cryptocurrency exchange in the US, also saw a 9% decline premarket. MicroStrategy (MSTR), renowned for its significant Bitcoin holdings, experienced a 13% drop. According to Coindesk, the decline in cryptocurrency and related stocks has been attributed to heightened geopolitical tensions in the Middle East and concerns over a potential global economic slowdown. These concerns arose after data revealed that the US added fewer jobs than anticipated in July. This news follows a recent trend of volatility in the cryptocurrency market, which has impacted related stocks. As the market continues to evolve, investors should monitor these developments closely.
